FTSE 250 movers: Hiscox soars on takeover talk; Plus500 slips

FTSE 250 (MCX) 20,738.69 -0.23%

Hiscox surged on Monday following a report that two rivals are considering takeover bids for the insurer.

According to Insurance Insider, Japan’s Sompo and Italy’s Generali are circling Hiscox.

Online grocery group Ocado is planning to build a third customer fulfilment centre (CFC) in Japan as part of its ongoing partnership with Japanese peer AEON.

The new Kuki-Miyashiro facility, which will go live in 2027, will operate using the Ocado Smart Platform. The first Ocado-AEON CFC was opened in Midori-ku in July 2023, while the second in Hachioji is due to go live in 2026.

"Today is an exciting moment for AEON and Ocado's relationship as we deepen our already strong partnership," said Ocado's chief executive Tim Steiner.

Ocado also announced that AEON will upgrade its live operations with the latest Ocado technologies, such as its On-Grid Robotic Pick.

"This will bring increasing levels of labour productivity to AEON's operations, enabling them to further reduce the cost to serve and address long-term challenges of labour availability in Japan," the company announced.

Danish brewing giant Carlsberg on Monday said it had reached a deal to buy UK soft drinks maker Britvic for £3.3bn after two previous bids were rejected.

Under the terms of the Acquisition, Britvic shareholders will get £13.15 a share, including a special dividend of 25p a share. The price implies an enterprise value for the owner of Robinsons and Tango Britvic of £4.1bn.

Britvic two weeks ago said it had rejected two proposals from Carlsberg, one at £12 and another at £12.50p a share.

The Britvic board said they considered the terms of the deal "to be fair and reasonable".

Britvic also released a third-quarter trading update revealing 2.2% volume growth and positive price/mix despite poor weather in Europe. revenue rose 6.3% to £503m against a "tough prior year comparable" where sales rose 9.9%.

In Great Britain, revenue grew 6.6% year on year with both the retail and hospitality channels in growth. Brazil sales were up 48.1% vs the prior year, with both growth from the existing brand portfolio and continued acceleration in energy following the Extra Power acquisition.

Other International revenue fell 6.6%. Growth in Ireland was offset by a decline in France and other international markets.

Greencoat UK Wind gained as the new UK Labour government said it was ending the ban on onshore windfarms.

Plus500 backed its full-year expectations on Monday after a "strong" first-half performance despite "difficult" market conditions.

In an update for the six months to 30 June, the company said revenue rose 8% on the same period a year earlier to $398.2m, while earnings before interest, tax, depreciation and amortisation grew 6% to $183.9m.

The group onboarded 56,759 new customers during the half, up from 50,449 in the same period a year earlier, and the base of active customers was 175,909, versus 175,762.

Plus500 said that as expected, its performance was achieved despite lower levels of activity across financial markets towards the end of the period, which were affected by the UEFA Euro 2024 Football Championship, a trend consistent with previous tournaments.

The company said revenue and EBITDA for the current financial year were set to be in line with current market expectations.

Market Movers

FTSE 250 - Risers

Hiscox Limited (DI) (HSX) 1,244.00p 11.37%
Ocado Group (OCDO) 345.90p 5.39%
Britvic (BVIC) 1,267.00p 4.71%
Lancashire Holdings Limited (LRE) 617.00p 4.05%
TBC Bank Group (TBCG) 2,860.00p 3.81%
Bank of Georgia Group (BGEO) 4,315.00p 3.48%
Carnival (CCL) 1,263.00p 2.56%
Ibstock (IBST) 183.60p 2.46%
Wizz Air Holdings (WIZZ) 2,092.00p 2.45%
Greencoat UK Wind (UKW) 138.60p 2.21%

FTSE 250 - Fallers

Ithaca Energy (ITH) 123.70p -4.55%
W.A.G Payment Solutions (WPS) 66.00p -3.51%
Plus500 Ltd (DI) (PLUS) 2,236.00p -3.37%
PureTech Health (PRTC) 181.00p -3.10%
Auction Technology Group (ATG) 463.50p -2.83%
Watches of Switzerland Group (WOSG) 403.20p -2.66%
Great Portland Estates (GPE) 342.50p -2.56%
AJ Bell (AJB) 388.50p -2.51%
Vesuvius (VSVS) 464.50p -2.42%
Bytes Technology Group (BYIT) 540.00p -2.35%